#89 Excluding ATPG shares the average holding period is around 1y for the fund, so the "frequency" is pretty low. The fund currently has no VMW position. The short positions were to some degree part of an arbitrage position.

Hey Port - Would you be kind enough to post your positions as of Friday? Thanks for the ATPG . I'm in love with that stock and I think its a great opportunity. Are there any positions that you consider "core holdings"? I think I'm gonna follow you for while. Thanks again.

Numis Securities think this could be a good time to take another look at Vietnam. They say that in 2006-2007 Vietnam was one of the best-performing stock markets in the world, and numerous closed-end funds were launched to provide access for foreign investors. At their peak, these funds were trading at huge premiums.

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Closed-end funds investing in Vietnam remain firmly out of favor, and most are trading at discounts of 30% or more. Shareholders have suffered disappointing returns, as much of the money was raised close to the market’s peak. In the broker’s view, though, these funds are currently an extremely attractive way to invest in Vietnam: “Experience in other markets/asset classes suggests that discounts are likely to narrow rapidly once Vietnam comes back into favor with international investors.”

[Numis] favors VinaCapital Vietnam Opportunity Fund (London: VOF). By investing in a range of asset classes (equities, pre-listeds/OTC, private equity, and real estate), the fund provides much broader exposure than can be accessed purely through the stock market.

In addition, Numis says: “We feel that there is significant potential for VOF to add value through exploiting the arbitrage between the OTC and listed market. VOF also has the advantage of being the largest, most liquid fund in the sector, with an average daily trading value of over US$1 million. In our view, the fund offers considerable value at its current discount of 40%.”

Three years ago, Vietnam was one of the best-performing stock markets in the world and numerous funds were launched to provide access for foreign investors.

However, the euphoria proved short-lived and in 2008 Vietnam was hit by a double crisis. Firstly, it was forced to raise interest rates sharply to choke off a surge in inflation and this was followed by the global credit crunch, which hit exports and foreign investment. Unsurprisingly, the country's stock market fell sharply and investors suffered.

Charles Cade, an analyst at Numis, said: "There was a bounce-back during 2009, helped by a domestic economic stimulus package. However, foreign investors have been reluctant to venture back into the market and have focused their attention on China instead. In our view, though, it is time to take another look. Vietnam remains one of the most promising countries in the world."

While Vietnam is not on the radar of many financial advisers, Mick Gilligan, from stockbroker Killik, is a fan. He reckons that Vietnam is like a smaller version of China in that it has a centralist government keen to embrace a capital market approach.

"The equity market is still in its early stages of maturity, but it has exciting prospects. Our favoured routes would be FTSE Vietnam ETF [db-X Tracker] for those looking for market exposure and liquidity. VinaCapital Vietnam Opportunity fund also looks interesting and it currently trades on a 40pc discount to net asset value," he said.